A strong estate plan often includes multiple legal documents such as a will, power of attorney, advance directives, trusts, and more. People starting out in the estate planning process are often unsure of the difference between legal documents and which ones they need. It is important to understand the difference between wills vs. trusts in Tennessee and which one might be right for you.
Wills vs. Trusts in Tennessee
Wills and trusts are both important estate planning tools that can be used individually or together. A will is a legal document that includes instructions for how to distribute property to a decedent’s beneficiaries. A trust is a legal structure that lets a person transfer assets to a trustee, who manages and distributes those assets according to the terms of the trust. A will only take effect after a person dies. However, trusts can often be used while a person is living as well as after their death.
According to a 2025 survey, only 24% of American adults have a will, and 16% have a living trust. More than half of the respondents have no estate planning documents.
Pros and Cons of Wills
A will allows a person to specify how they want their assets distributed, name beneficiaries, choose a guardian for minors or other dependents, and decide who will handle the estate after death. Setting up a will is generally a fairly straightforward and inexpensive process, and making updates or changes is relatively easy. For smaller estates with less complex plans for asset distribution, a will is a great choice that provides clear and legally binding instructions.
If you have children under 18 or other dependents, a will is essential because it is the only way to make sure you get to decide who your dependents’ legal guardian is after you die. A will also handles any assets that are not covered in a trust, either because they do not fall under the purview of the trust or because they do not get transferred before the person’s death.
The downside of a will is that the estate has to go through probate, which can be overwhelming for loved ones. Settling an estate through the probate process can often take months or more, depending on the complexity of the estate and whether there are any disputes. It is also common for there to be additional legal and court fees associated with probate.
Pros and Cons of Trusts
A trust is a legal structure that holds and manages assets for the benefit of the designated beneficiaries. There are multiple kinds of trusts, both revocable—which means it can be modified or ended during your lifetime—and irrevocable, which is permanent and can be very difficult to change.
Some kinds of trusts can often bypass the probate process. This means assets can be distributed more quickly and without court involvement, which also affords more privacy to the estate by keeping it out of the public record. A trust can also be helpful during a person’s lifetime, whereas a will only takes effect once a person passes away.
Trusts can be more expensive and take longer to set up than a will because of the detailed work involved. In addition, in some cases, assets have to be transferred into the trust right away. Because trusts take effect immediately, they also require regular updates and careful management to prevent complications.
The Bottom Line
In Tennessee, whether you need a trust or a will depends on the needs of your estate and family. In some cases, only a will is sufficient. In others, a trust makes more sense. In many cases, a comprehensive estate plan can include a will, one or more trusts, and several other documents because they serve different functions.
When you hire an estate planning lawyer, they can patiently guide you through each of your options and ensure you understand which one can help meet your goals.
FAQs
Is a Will or a Trust Better in Tennessee?
The choice between a will or a trust in Tennessee depends on the needs of the particular individual or estate. A will is often more straightforward, simpler, and faster to establish, but may not be as good for more complex situations. A trust can have tax and privacy benefits and shorten the time it takes for heirs to receive assets, but they are sometimes more complicated and costly to establish. Many families use both a will and a trust.
What Is the Major Disadvantage of a Trust?
The major disadvantage of a trust is that it can take more time and money to set up than a standard will. In addition, depending on the type of trust, assets may need to be moved into the trust immediately and may not be easily removed. Some types of trusts can be very difficult to change or modify. A Tennessee qualified estate planning attorney can help you determine which is right for your situation.
Do You Need a Trust and a Will?
In many cases, people benefit from having both a trust and a will as part of a comprehensive estate plan because they each serve different functions in managing assets. A trust manages and distributes assets and may avoid probate, while a will names legal Guardians for dependents and handles assets not transferred to the trust. The most effective way to determine what you need in your state plan is to consult with a Tennessee estate planning attorney.
What Takes Precedence, a Will or a Trust?
Whether a will or trust takes precedence can vary, depending on the specific circumstances and details of the case. In general, a trust takes over a will in a conflict because assets that have been placed in a trust are owned by the trust and not the individual, and so are not subject to the will or probate process. Trusts often take effect as soon as they’re established, whereas wills aren’t in place until the time of death.
Hire an Estate Planning Lawyer to Help With Your Will or Trust
If you’re interested in setting up an estate plan, the legal team at Phillips | Ralston can help you determine what your needs are and which choices feel right for your family. Contact us today to schedule a consultation.
